In Australia a person sold a piece of land purchased 8 years ago at a net capital gain of $40,000. Earlier during the same financial year, they have incurred a loss of $5,000 from disposing some shares. They also have $15,000 capital losses carried forward from previous years that they will be utilising that financial year along with the  share losses. How much will be added to the person's taxable income as a result?

Answer rating: 100% (QA)

To calculate the persons taxable income from the information provided we need to consider the net ca... View the full answer